Sweden's economic confidence saw a decline in July following gains observed the previous month, according to survey results published by the National Institute of Economic Research on Tuesday.
The Economic Tendency Index fell to 95.0 in July from June's 22-month high of 96.4, remaining below the normal level of 100. Confidence in the manufacturing sector decreased by 2.2 points to 97.0 in July, as production plans in the industry were slightly more negative than usual.
The construction sector's sentiment was relatively stable, with the index at 96.6 in July compared to 96.8 in June. On the other hand, confidence in the service sector saw a notable decline, dropping by 2.8 points to 94.0, driven by weaker demand.
Conversely, retail trade experienced an uplift in confidence, rising to 101.8 from 99.0. The survey also highlighted an increase in the consumer confidence index, which climbed to a 30-month high of 96.6 in July from 93.7 in June. Despite this improvement, a reading below 100 still indicates a sense of pessimism among households.
